Abstract: A private initiative that has created a virtual currency and a payment system based on cryptography and decentralized management, Bitcoin is considered not only an interesting, but also a disruptive technical innovation by many observers. This online payment system is not controlled by government and any institutions. It sends values directly from one party to another. This paper focuses on the technology used in Bitcoin & its applications. BitCoin is an innovative technology that offers several benefits, such as fast transaction speeds, low costs, and the elimination of the need for a third-party intermediary to process transactions. Here the author highlights the opinion of the government of India towards Bitcoin technology and also describes how Bitcoin technology works. This paper also provides the impact of legalization of Bitcoins in India.
Keywords: Bitcoin, Cryptocurrency, Technology, Virtual, Online Payement System